The Factor definition
The Factor has agreed partial payments, "THE CUSTOMER" will pay a daily interest equivalent to 100% (ONE HUNDRED PERCENT), in addition to the "rate of discount", calculated under the terms of Clause Seven above, applying this percentage on the amount of the partial payments from the "due date" until that "THE ACCOUNTS RECEIVABLE" are effectively paid. TWELVE:- ADVANCE PAYMENTS ON ORDERS.- "THE FACTOR" may deliver, at the request of "THE CUSTOMER", advance payments on rights of credit that will subsequently be transferred to "THE FACTOR" that will arise from of the existence of orders by "THE DEBTOR(S)" in accordance with the following: 1. When "THE CUSTOMER" requests an advance payment, he must provide "THE FACTOR" with the documentation that proves to the latter's satisfaction the existence of the order for the provision of goods or services, or of both by "THE DEBTOR(S)" and from which will come the rights of credit to be transferred to "THE FACTOR". "THE FACTOR" and "THE CUSTOMER", in order to document the delivery of the advance payment, as well as the undertaking of "THE CUSTOMER" to transfer to "THE FACTOR" the rights of credit arising from the order, will sign a Agency Promise Contract in accordance with the format for this attached as Annex 2, which forms and integral part of this Contract. 2. "THE CUSTOMER" will pay "THE FACTOR" an amount of money that will cover the value of the financial charges and other accessory charges of the advance payments, until the rights of credit are transferred by signing the corresponding "FACTORING AGREEMENT", and these will be calculated according to the procedure established in Clause Seven of this contract for the calculation of the discount, where "P" will mean the amount delivered as an advance payment. 3. The amount of the advance payments paid by "THE FACTOR" to "THE CUSTOMER" may not exceed 40% (forty percent) of the total amount of the rights of credit transferred to "THE FACTOR" by "THE CUSTOMER" upon expiry of the period of the advance payments.
The Factor. As defined in Section (B) above. Building’s Share of Operating Expenses: One hundred percent (100%) of the Operating Expenses with respect to the Building plus the product of the Operating Expenses with respect to the Lot and a fraction the numerator of which is the Total Rentable Floor Area of the Building and the denominator of which is the rentable floor area contained within all of the buildings located upon the Lot, as reasonably determined by Landlord (which denominator shall not include any portion of the Parking Garage). Notwithstanding the foregoing, Landlord and Tenant hereby acknowledge and agree that Operating Expenses attributable to the Parking Garage shall be included as Operating Expenses of the Lot and not attributable to any particular building. Landlord reserves the right to equitably adjust the calculation of the Factor and the Building’s Share of Operating Expenses with respect to Operating Expenses as reasonably determined by Landlord.
The Factor means a fraction the
Examples of The Factor in a sentence
That the ==== of ====== year ===== both parties entered into a Contract of Promise of Agency No. ======== (hereinafter THE CONTRACT) via which THE CUSTOMER AND THE FACTOR determined the terms and conditions according to which they were to carry out the transferal of Accounts Receivable that have arisen to THE CUSTOMER from the provision of goods or services or both that it has made or may make in the future with its customers.
In the case of forced fulfillment, THE FACTOR will demand THE CUSTOMER's fulfillment of all the obligations acquired under this Contract or under the FACTORING AGREEMENTS.
Any of the parties, that is THE CUSTOMER or THE FACTOR, may notify THE BANK of the agreement made under this Clause, as well as the rest of the associated information regarding the agreement made under this Contract.
However, the present instrument will remain in force while ever THE CUSTOMER has any outstanding debts arising either from this Contract or from any FACTORING AGREEMENTS formalized before the aforesaid termination date, and which correspond to ACCOUNTS RECEIVABLE that are still outstanding at the termination date, and while ever the DEBTOR remains under any obligation arising from ACCOUNTS RECEIVABLE that have been acquired by THE FACTOR via any FACTORING AGREEMENT.
Furthermore, during the period this contract is in force, THE FACTOR must retain all documents and other elements used to substantiate the aforementioned charges.
More Definitions of The Factor
The Factor may request the forced fulfillment of the present Contract or of the "FACTORING AGREEMENTS", or terminate them as it sees fit with full rights and without need for formalities or legal decision, in the following cases: 1. If the book value of "THE CUSTOMER" reduces by 20% (twenty percent) or more with respect to the existing level at 31 May 2003. For the purposes of this contract, book value is understood to mean paid in company capital plus legal reserve and any other reserve, profit for the financial year, as well as for the preceding financial years. Reduction in book capital is understood to mean trading losses, capital reduction, payment of dividends or other payments made to partners or shareholders, even when such items are reflected in asset accounts, and all other items that may be considered as reductions according to generally accepted accounting principles. 2. If "THE CUSTOMER" does not comply in time with its taxation obligations.
The Factor will deliver to "THE CUSTOMER" the amount corresponding to the percentage of the margin of guarantee of assessment, that forms part of the price for the transfer of "THE ACCOUNTS RECEIVABLE", within 48 hours forty eight hours of the moment that "THE FACTOR" receives from "THE DEBTOR" the full payment of "THE ACCOUNTS RECEIVABLE" transferred under this Contract by "THE CUSTOMER" to "THE FACTOR", and the amount thereof is paid definitively into "THE FACTOR'S" account on the understanding that if "THE DEBTOR" does not pay the amount of the said "ACCOUNTS RECEIVABLE" punctually and opportunely, "THE FACTOR" may be compensated from the margin of guarantee for the amount of any costs, taxes and interest generated by such late payment as established in this Contract and in Articles 2,185 - two thousand one hundred and eighty five and 2,186 - two thousand one hundred and eighty six of the Civil Code for the Federal District and the correlative articles in the Civil Ordinances of the Federal Institutions of the Republic of Mexico. If the amount of the costs, taxes and interest generated as a result of the late payment of "THE ACCOUNTS RECEIVABLE" acquired exceeds the amount retained, as a margin of guarantee, "THE CUSTOMER" must pay "THE FACTOR" the difference that results from subtracting such amount from the amount of the margin of guarantee retained and compensated by "THE FACTOR" pursuant to Article 2,191 - two thousand one hundred and ninety one of the said Civil Code. ELEVEN-
The Factor for any outgoing or expense that "THE FACTOR" may incur, including whatsoever amount paid or payable by "THE FACTOR" in the obtaining of funds to cover the price of the acquisition or the advance that they might have sought, in the case where for whatever reason "THE CUSTOMER" does not transfer in total to "THE FACTOR", on the date indicated in the aforesaid advice, "THE ACCOUNTS RECEIVABLE" that in it were indicated it was wanting to transfer, and that in their case "THE FACTOR" was disposed to acquire. 2. "THE CUSTOMER" will transfer `without recourse' all "THE ACCOUNTS RECEIVABLE" that "THE FACTOR" has selected from those presented by way of the advice referred to in point 1 above. To this effect, the parties are obliged to use the standard "FACTORING AGREEMENT" that is attached to this document as attachment number 1. Every "FACTORING AGREEMENT" will be subject to the terms and conditions of the present Contract, for which reason what is stipulated here will have force for every "FACTORING AGREEMENT" from the moment of the endorsement of the respective "FACTORING AGREEMENT".
The Factor. As defined in Section (B) above.
The Factor means a fraction the numerator of which is the Rentable Floor Area of Tenant's Space and the denominator of which is the Total Rentable Floor Area of The Building.
The Factor. As defined in Section (B) above. Building's Share of Operating Expenses: One hundred percent (100%)of the Operating Expenses with respect to the Building plus the product of the Operating Expenses with respect to the Lot and a fraction the numerator of which is the rentable floor area contained within the Building and the denominator of which is the rentable floor area contained within all of the buildings located upon the Lot and not separately maintained by the tenants thereof.
The Factor will notify "THE DEBTORS" of the transfer of "THE ACCOUNTS RECEIVABLE" by any of the means foreseen in Article 45-K in the General Law Auxiliary Credit Organizations and Activities. FOURTH.- MINIMUM REQUIREMENT OF FACTORING AGREEMENTS. "FACTORING AGREEMENTS" are signed on the following bases: 1. The transference of "THE ACCOUNTS RECEIVABLE" will be made without reservation or any limitation and will embrace all accessory rights to "THE ACCOUNTS RECEIVABLE", such as the right to charge interest which in their case would have been agreed on, the granted guarantees, and, in general, all the rights that stem from these.